A pilot issue of the magazine, which has been in development for some time as "Project Rex", will be released on 26 October, Bauer Media chief Paul Keenan was reported as saying.

The magazine will target wealthy men in their 30s, who have an interest in current affairs - a very distinct readership from that of Bauer's popular men's magazine Zoo.

A source familiar with the project has disclosed the magazine would be called "Gazzetta", though the publisher has declined to comment, the report says.

The upper end of the men's magazine market has been resilient the first half of this year, notes the report, with Conde Nast's GQ maintaining its circulation and NatMag's Esquire seeing a 10 per cent rise. Bauer's new magazine will seek to compete in the same category.